How Engena works

Notarization & NGN Credit

Notarization & NGN Credit

The notarization of contracts and documents (on the Bitcoin blockchain) will give them a timestamp, making them immediately visible to users and not modifiable without the agreement between the parties.

The notarization of contracts and documents within the platform is performed in compliance with the OpenTimestamps standard and this allows, in addition to certifying the certain date, also the confidentiality of the documentation that is not shared outside the NGN Platform.

All relations inside and outside the communities will be regulated with the help of of the NGN Credit accounting system, which will support the services and functions available on the platform. The use of NGN Credit will make the settlement of competences instantaneous, automatic, transparent and shared, within the community and outside it, making transactions traceable and unchangeable.

Smart Contract of the NGN Credit

From a technical point of view, the NGN Credit is an Ethereum smart contract that complies with the ERC20 standard, published under the MIT license and derived from OpenZeppelin v.3.1.0.

The test version is deployed on the Rinkeby test network, the final version on the Ethereum mainnet.

In addition to the standard ERC20 functions, the Smart Contract that defines the NGN Credit includes a series of advanced functions that include:

  • ability for holders to burn (destroy) their NGN Credits;
  • ability for holders to pledge (lock over another account) their NGN Credits;
  • ability of creating escrow wallets for the deposit of NGN Credits intended for new plant projects;
  • ability for users to view their NGN Credits balance in gross form (all NGN Credits owned) and in net form (all available NGN Credits, i.e. NGN Credits owned minus those pledged to third parties);
  • an owner address that can manage the admin role;
  • an admin role that allows to manage other roles;
  • a notary role that allows to finalize the transfer of pledged token and to unlock NGN Credit transfers from escrow wallets;
  • a banker role that allows for others' NGN Credits management (transfer, burning, allowance);
  • a minter role that allows for NGN Credits minting (creation).